Inside The Mind Of Millennial Homebuyers
The Numbers Don't Lie !
Over 80% of surveyed Millennials say they have a desire to be a homeowner. 66% of Millennials expect to make that purchase within the next 5 years. When considering this huge influx of potential buyers, current homeowners need to take a look and see where the market is moving. Important changes (big or small) can have the ability to attract this new wave of consumers who are likely to buy a house!
#1) Modest Updates
Millennials want their home move-in-ready! Think about it; This is the on-demand generation. Entertainment, taxis, and even food are delivered to Millennials without even a moment's notice. If the buyer feels like they can move in NOW, you'll be more likely to sell. A few dollars spent to update a bathroom, apply a fresh layer of paint, or power wash the driveway will go a long way.
#2) Going Green
Being eco-friendly is incredibly important for younger generations. Studies show that the younger a person is, the more likely they will be concerned with the environment. Millennials are more likely to experience positive emotions when they see a home is labeled "green" or "environmentally friendly". The prices of solar panels have fallen consistently over the past 30 years as well. This means that more homes have solar panels, today, than ever before. This may be the time to jump on the solar panel train. Other eco-friendly upgrades exist as well, such as smart meters, upgraded insulation, and water efficient toilets.
#3) Outdoor Lifestyle
77% of Millennials report that they want their outdoor space to have the "relaxing retreat" vibe! Adding a simple outdoor patio with some exterior lighting goes a long way towards painting that picture. Remember, the Millennials are a younger generation; They're also going to want a fun place in their home for social gatherings. A pretty outdoor patio could be that place!
#4) Practical Space
Millennials don't care about those intricately decorated living rooms, saved for special occasions. Instead, they feel that rarely used rooms are a waste of space and money! Think about converting that sparingly used living space into an everyday lounge area. This will connect with the younger crowd and make them more likely to click with the home!
#5) A Smart Home
Surveyed millennial say they'll pay up to 20% more to live in a home with modern smart technology. This isn't a surprise, considering that this is the first truly digital generation. It's a group of home buyers who have never lived without the internet, a cellphone, or social media. Also, many technology-geared upgrades are not as expensive as you might think! Video doorbells, internet connected security cameras, WiFi thermostats, and motion sensing lights are readily available through Amazon or other vendors.
Keeping up with trends is important. Don't fall behind the curve... Before you know it you'll be a tech-wizard with your electronic fridge, your Alexa home assistant, and your hip new apps. Heck, maybe you'll even start serving your eggs UBER easy!